Karachi, September 20, 2023 – The Pakistani Rupee (PKR) has demonstrated remarkable strength, making significant gains of approximately 4.3 percent against the US dollar in 11 consecutive trading sessions.
This remarkable turnaround comes after the PKR hit an all-time low of PKR 307.10 to the dollar on September 5, 2023. In the following 11 sessions, the rupee made a sharp recovery of PKR 13.22.
READ MORE: Pakistani Rupee Achieves 10th Consecutive Gain Against Dollar, Soars to PKR 294.90
On Wednesday, the PKR closed at PKR 293.88 to the dollar, marking a gain of PKR 1.02 compared to the previous day’s closing rate of PKR 294.90 in the interbank foreign exchange market.
Currency experts have attributed this impressive resurgence to a combination of factors, with significant credit given to the government’s relentless efforts to combat currency smuggling and hoarding. This crackdown has led to a substantial influx of US Dollars into the formal banking system, effectively bolstering the PKR.
READ MORE: PKR Gains 90 Paisas Against US Dollar: Ninth Consecutive Gain
Exporters have played a pivotal role in strengthening the PKR’s resurgence. Many exporters are opting to convert their US dollar holdings into PKR through official banking channels, thereby increasing the demand for the Pakistani currency.
The recent rally in the PKR’s value is a welcome relief following a challenging period of struggle against the US Dollar. The swift and proactive measures taken by authorities to combat illicit currency activities have evidently paid off, resulting in a significant recovery for the PKR.
READ MORE: PKR Expected to Continue Upward Trajectory Against Dollar from September 18
While the currency market remains dynamic and subject to fluctuations, experts are vigilantly monitoring the situation as it unfolds. The PKR’s resurgence against the US Dollar is perceived as a positive development for Pakistan’s economy. A stronger local currency has the potential to stabilize prices, alleviate inflationary pressures, and boost investor confidence.
As the government’s crackdown against currency smuggling and hoarding continues, and with exporters increasingly favoring official channels, the performance of the Pakistani Rupee in the foreign exchange market continues to be a matter of keen interest for investors, businesses, and policymakers alike.
READ MORE: State Bank Suspends Exchange Company Authorization in Ongoing Crackdown
For the latest updates on the PKR-USD exchange rate and other financial news, it is advisable to stay informed through reliable sources and consult financial experts within Pakistan.
